Ive always said I would not start looking at the Gold Explorers untill POG broke through $420, well its done that today and this company in my mind is the best potential producer around, and heres why.

MANAGEMENT

Has two experinced Managers in mining in Mark Parker and John Park, both have extensive exploration management in Africa in mining and have proved themselfs in the past selling out small mines to the big boys.

THE MINES

ZAMBIA.

Here the company as 5 potential Block busters but the REAL GEM of the company Sasere, known as EAGLE EYE is an old Gold mine but recent sampling shows that it could provide massive deposits of Copper and Gold.

These are the drilling results we are waiting for. Estimations are fantastic and we could see that the company is sitting on deposits worth many times over of the market cap of the company of circa 12.2 million.

MOZAMBIQUE

Three sites here and Nickel is the one they are looking for. Dont forget Nickel is the highest commodity riser after Gold and is hitting new highs.


TANZANIA

Big prospect here is Miyabi.

African Eagle are carrying out a joint venture with the giant Miner Gold Fields. Drilling results are to be given to Goldfields by 31/January this year.

If results are expected what the management of Goldfields want, African Eagle retain a 30% stake in one massive deposit.

This is an exciting investment but one that is HIGH RISK like any other gold explorer.

We should have news very early on two fronts.

If this news is positive we are looking at one hell of an investment.

Please Dyor and remember your buying and selling actions are in your own hands.

Cheers GF.

ps, up 19% today waiting for the results.

anyone got an idea what is going on today...lots of blues as the Eagle soars

PB

maybe there is some good news in the pipeline as todays hike is the eagles best day for months

Can't believe that there are no posts on here about the recent sp climb and expectation of news.

GB - Nothing factual to add I suppose, unlike across the road where that seems to be a reason for encouragement to post.

IMHO AFE whilst speculative does carry a cogent case for anticipating a bright future. This will ultimately be reflected in the share price. If you want price action this is not the place to invest. This is one for patient investors.

compound
I think this week is going to see a large rise. may be touching 30p. I am very patient and confident on this one.

Project Target Status RNS 20 Jan 2006

Kagulamu Gold Gold geochemical anomaly close to and along strike from Anglo-Ashanti's
eastern Geita operations.
Gloria Gold Gold geochemical anomaly on granite contact adjacent to Gallery Gold's
Buck-Reef / Mawe Meru holdings.
Mabale Hills Gold Strategically located in midst of three of the most promising recent
gold discoveries in Tanzania. First results awaited.
Kiwasi Hills Gold Multiple gold targets identified in this large licence straddling the
major Suguti Shear.
Dutwa Gold, platinum Gold anomalies over 15km strike within 5 licences covering 500 square
km of the productive Kilimafedha gold belt.
Iramba Gold Geochemical anomalies and gold-bearing structures within areas of
historical gold mining. Grab samples up to 10g/t.
Ugambilo Gold Three geochemical anomalies in a licence between Gallery Gold's 480,000
oz gold resource at Kitongo and Tanrange Exploration's flagship Luahala
property
Itweria Gold Promising gold anomalies in eastern part of the Nzega Gold Belt, which
contains Resolute's 2.7Moz Golden Pride Mine.
Kayenzi Gold A gold anomaly over banded iron formation in the Siga Hills Gold Belt.
Mihama Gold, diamonds A promising gold anomaly and kimberlitic diamond targets.
Dodoma Diamonds Advanced farm-out negotiations underway.
Tabora Diamonds Farm-out negotiations underway.

African Eagle Resources PLC
07 April 2006


African Eagle Resources plc

DRILLING UPDATE FROM MKUSHI

African Eagle Resources plc ('the Company' or 'African Eagle', ticker AFE) is
pleased to announce further results from its 2006 drilling programme at the
Mkushi copper project in central Zambia. Mineralised drill intercepts included:

o 57m at 2.0% copper
o 155m at 0.4% copper
o 24m at 1.3% copper

African Eagle's Managing Director, Mark Parker, comments, 'Our drill results
continue to demonstrate that there is a robust copper mineralised system at
Mkushi. As our 'nearest market' project, Mkushi offers excellent potential for
African Eagle to move into production and positive cash-flow.'

African Eagle is undertaking an economic scoping and pre-feasibility study on
Mkushi, scheduled for completion by the 4th quarter of this year. We hope that
this will lead to a full feasibility study and a commercial production decision
by the end of 2007.

The new results are from the Company's continuing drilling programme at Mkushi
aimed at defining the copper resources beneath the old mining operation at
Munshiwemba, in its southwest extension (known as H-Zone) and at the Coloquo
prospect 2.5 km to the northeast.

The results of the latest drilling are tabulated below and a map showing all the
drill results to date along this zone can be seen at
www.africaneagle.co.uk/

projects-mkushi

Drill Hole Hole Type Prospect From (m) Interval (m) Copper %
MH23 diamond H Zone 46.6 4.0 1.0
and 141.0 57.0 2.0
including 164.0 22.0 2.4
and 192.0 6.0 5.0
MH21 diamond H Zone 54.0 155.0 0.4
MH13 diamond H Zone 163.0 24.0 1.3
MH26 percussion H Zone 29.0 30.0 0.5
MC8 percussion Coloquo N 54.0 10.0 1.1

The high grade intersection in hole MH23 occurs 100m along strike from hole MH9
which intersected 84m at 1.8% copper. Together, these two holes confirm the
existence of substantial high grade copper zones within H zone.

Samples of drill core have been shipped for metallurgical testing and the
Company plans to drain the water from the 30m deep open pit at Munshiwemba, to
allow detailed evaluation of the mineralisation beneath the pit floor.

John Park

Chairman
African Eagle Resources plc

7th April 2006


About African Eagle

African Eagle is a mineral resources company with its focus on eastern and
central Africa. It operates in Zambia, Tanzania and Mozambique, countries with
highly prospective geology and low above-ground risks, which have all been
destinations for successful recent major investments in the metals and minerals
industries.

The Company has a highly motivated team, proven management and an experienced
board. Its principal operations are the Miyabi gold project in Tanzania and the
Mkushi and Ndola copper projects in Zambia. It has discovered a large iron oxide
copper gold (IOCG) system at Eagle Eye in Zambia and holds a well-balanced
portfolio of promising early stage projects.

About Mkushi

The Mkushi copper project in Zambia is African Eagle's 'nearest-market' asset.

Mkushi is a historic copper mining camp which was operated in the 1920s and the
1960s. A report commissioned by the Zambian national copper company in 1990
estimated that more than 300,000 tonnes of copper metal remained in the ground
at Mkushi, at a grade of 1.24% copper. African Eagle has been drilling over the
past months to check this estimate, which pre-dates modern resource reporting
standards, and it appears to be well founded.

Moreover, geophysical surveys have indicated that other mineralised zones exist
which were not recognised by previous explorers. The Company believes that these
could bring the total to 500,000 tonnes of contained copper metal.

The local infrastructure around Mkushi is excellent and the past history of
mining should make it reasonably straightforward to obtain government permits
for renewed operations. The mineralisation has a simple chalcopyrite mineralogy,
which should allow the Company to produce a copper sulphide concentrate
efficiently at relatively modest capital cost. This product could be sold
directly to the smelters on the copperbelt, or exported on the nearby railway
for shipment to any smelter in the world.

African Eagle aims to generate income from Mkushi as soon as possible. The
Company has commenced a scoping study which will include metallurgical and
geotechnical test work and preliminary economic modelling based on a modular
approach to project development. It is expected that this formal study will
support the Company's own preliminary calculations which show that Mkushi could
be highly profitable. The Company could be in a position to make a production
decision before the end of 2007.

Fridays AnaIysis on UK-AnaIyst is the monthly markets and stocks review from GE& CR
Date: Sat, 15 Apr 2006 00:14:16 +0100



African Eagle

Key Data
EPIC AFE
Share price 19.5p
Spread 18.75 - 20p
NMS 5,000
Market cap. 23 million pounds
12 month range 16 - 25.25p
Market AIM
Website www.africaneagle.co.uk
Sector Mining
Contact MD Mark Parker
077 7980 1159

We published a major note on African Eagle on 27th March which can be obtained by emailing stephanie@tisl.co.uk and in which we set a target price of 60p - nothing has changed since then to alter our assessment and at 19.5p the shares remain very cheap.

African Eagle is an AIM listed mining exploration company focussed largely on Tanzania - where it is prospecting for gold
and Zambia where its quest is for copper. The company is not part of the recent wave of AIM new issues but has been around for many years, formerly trading on Ofex where it was known as Twigg. In chairman John Park, managing director Mark Parker and exploration manager Chris Davies it has a hugely experienced senior management team. Bolstered by a recent placing at 17p, the company has net cash which is easily sufficient to meet its needs over the coming year.

On April 7th African announced the latest drill results from Mkushi in Zambia, the highlights of which were an 57 metre intersection at 2% copper and a 155 metre intersection at 0.4% copper. African Eagle will be looking to drive Mkushi towards production in 2007 and this could be achieved for as little as $10 million giving the project a three figure NPV. A full feasibility study will be undertaken this year.

The other lead project is the Miyabi gold play in Tanzania and a new estimate of the proven resource was published on 21st March. This showed an increases from 400,000 oz to 520,000 oz and the company stated explicitly that this should be a 1 million oz reserve.

African Eagle is focussing its efforts on realising value and generating cash from Mkushi and Miyabi but it has at least five other projects which have all shown the potential to be of commercial value: Igurubi, Ndola, Lunga, Makombo and Eagle Eye. Our conservative sum-of-the-parts valuation for Eagle Eye is 60p per share and thus at 19.5p our stance remains "speculative buy."

Into the watch list she blows.

KD.

African Eagle Resources PLC
12 June 2006


African Eagle Resources plc ('the Company' or 'African Eagle')

DRILLING UPDATE FROM MKUSHI COPPER MINES

African Eagle Resources plc ('the Company' or 'African Eagle', ticker AFE),
announces further excellent results from its ongoing resource definition
drilling programme at Mkushi Copper Mines in central Zambia. Best mineralised
drill intercepts include:

27m at 2.1% copper
61m at 1.4% copper
52m at 1.3% copper
132m at 0.5% copper
73m at 0.6% copper

African Eagle's Managing Director Mark Parker comments 'Mkushi is giving
consistently good results and it now compares very favourably with other copper
projects being brought into production in southern Africa. The latest results
are from a mineralised body to the southwest of the old open pit. So far, we
have outlined 12 to 14 million tonnes at an average grade between 0.7 and 1.2%
copper in this body, according to our preliminary estimates. Drilling continues
and we expect to announce an independent resource estimate during Q3, with a
development scoping study soon after.

'African Eagle believes that Mkushi will add up to a substantial copper deposit,
which internal economic modelling indicates should be profitable across a wide
range of copper prices. Our recent 3.3M financing will enable us to accelerate
the project towards feasibility and development.'

The new results are from the southwest extension of a copper deposit which was
mined by an open pit in the 1960s and 1970s. African Eagle has now traced this
body, known as 'H-Zone', for at least 800m along strike and down to 160 vertical
metres below surface. The zone is up to 60m wide and should therefore be
suitable for open pit development.

Preliminary geological modelling of H-Zone by African Eagle's geologists, based
on the drill results to date, indicates a potential of at least 12 to 14 million
tonnes with grades of the order of 0.7 to 1.2%, to a depth of 150 vertical
metres below surface. This estimate includes only that part of the main
mineralised body drilled to date and does not take into account a smaller
parallel body. As a priority, African Eagle now intends to complete sufficient
additional drilling to allow an independently audited JORC resource estimate to
be prepared during the third quarter of 2006.

There is also considerable scope to add to the resource at Mkushi by drilling
other mineralised zones. A resource estimate of 30.4 million tonnes grading
1.23% copper, equating to more than 370,000 tonnes of copper metal, was made in
1990, based on the four mineralised zones for which drill reports were then
available. Already the preliminary tonnage estimate for H-Zone alone accounts
for more than one third of this figure and the other known zones and potential
new ones identified by African Eagle's geologists remain to be evaluated.

Past mining from the open pit yielded 2.2 million tonnes of ore at an average
grade of 1% copper, but the pit reached a depth of only 30 metres and archive
reports indicate that considerable resources remain beneath the old workings.
The Company plans to drill this area once the old pit can be pumped dry.

Moreover, there are known mineralised zones which have never been drilled and
African Eagle's induced polarisation geophysical surveys have identified many
other chargeable zones which may be additional copper resources elsewhere within
the prospecting licence.

African Eagle has now completed 48 inclined diamond and percussion drill holes
for a total of 7906m at the Mkushi Copper Mines. The principal results of the
latest drilling are tabulated below. A table of all mineralised drill intercepts
to date and a map showing key drill results from H-Zone can be viewed at

www.africaneagle.co.uk/projects-mkushi2.html


Drill Hole Hole Type From* (m) Interval (m) Copper (Cu) %
MH14 diamond 161 61 1.4
including 175 7 5.8
and 236 5 1.9
MH15 diamond 53 6 2.7
and 95 52 1.3
MH22 percussion 127 27 2.1
MH29 percussion 14 73 0.6
MH30A percussion 6 132 0.5
MH31 percussion 16 53 0.5
MH33 percussion 34 72 0.4
MH37 percussion 12 120 0.5
Including 28 18 1.5
and 85 8 1.2
* Down-hole depth

John Park
Chairman
African Eagle Resources plc
12 June 2006

About African Eagle

African Eagle is a mineral resources company operating in eastern and central
Africa. It holds projects in Zambia, Tanzania and Mozambique, countries with
highly prospective geology and low above-ground risks, which have all been
destinations for successful recent major investments in the metals and minerals
industries.

The Company has a highly motivated team, proven management and an experienced
board. Its principal operation is the Mkushi Copper Mines projects in Zambia. It
also holds the Miyabi gold project in Tanzania, the Ndola copper project in the
Zambian Copperbelt and has discovered a large iron oxide copper gold (IOCG)
system at Eagle Eye in Zambia. There is also a well-balanced portfolio of
promising early stage exploration projects.

About Mkushi Copper Mines

Discovered in 1922, the Mkushi deposits were first mined by underground
workings, then developed as an open pit operation in the late 1960s. The mine
closed around the time of Zambia's nationalisation of the copper industry in the
1970s, but archive reports indicate that there is still abundant ore left in the
ground. African Eagle Resources acquired the Mkushi Copper Mines in 2002 through
a share-based acquisition of an Australian exploration company and is now
drilling to confirm and expand the known copper resource.

The local infrastructure around Mkushi is excellent and the brownfield site
should make it straightforward to obtain permits for renewed operations. The
deposits have simple chalcopyrite mineralogy which should allow a concentrate to
be produced efficiently at relatively modest capital cost. Mkushi is the only
Zambian copper mine in rocks older than the Katangan sequence which hosts the
well known Copperbelt deposits.

African Eagle is also exploring a wide area surrounding the old mines.
Geophysical induced polarisation surveys, which to date cover almost 30 square
kilometres, have revealed additional anomalies in the area, which African Eagle
believes could bring the total resource to 50Mt at 1% or more copper, with
500,000 tonnes of contained metal.

The Company is conducting a full resource drilling programme and economic
evaluation at Mkushi, leading to a full feasibility study during 2007, with a
view to taking the project to commercial production.

Qualified Person

Information in this report relating to the exploration results is based on data
reviewed by Mr Christopher Davies B.Sc, M.Sc, DIC, Operations Director for
African Eagle Resources, who is a Fellow of the Australasian Institute of Mining
and Metallurgy, has in excess of 25 years experience in mineral exploration and
is a Qualified Person under AIM Rules. Mr Davies consents to the inclusion of
the information in the form and context in which it appears.

For further information, see the Company's web site
www.africaneagle.co.uk
or
contact one of the following:

Mark Parker
Managing Director
+44 20 7248 6059
+44 77 5640 6899

Chris Davies
Operations Director
+44 20 7248 6059
+44 78 6672 9959

Leesa Peters
Conduit PR
+44 20 7429 6600
+44 78 1215 9885



This information is provided by RNS
The company news service from the London Stock Exchange

according to the Daily Express today, it looks like ' a bullish report on the copper prospecting in Zambia'.
Will the EAGLE be flying again


rgds...pb

African Eagle Resources PLC
21 July 2006


African Eagle Resources plc

New Drilling at African Eagle's High-grade Msasa Gold Project

AIM quoted African Eagle Resources plc ('African Eagle' or 'the Company', ticker
AIM: AFE) is pleased to announce that MDN Northern Mining ('MDN', TSE:MDN) has
started reverse circulation drilling at the Company's 90 per cent owned Msasa
Gold Project in Tanzania.

Under an option agreement signed in May 2006, MDN is investing US$200,000 in
exploration at African Eagle's Msasa project, to earn the right to acquire a 51%
interest in the project by investing a further US$1.7m. MDN can then increase
its participation to 65% by financing a feasibility study.

Exploration already carried out by African Eagle has returned gold assay values
indicating that the Msasa area holds high-grade mineralisation with similarities
to that at the Tulawaka Gold Mine, 15km to the northeast, which is a joint
venture between MDN (30%) and Barrick Gold Corporation (70%). African Eagle's
Msasa drilling intersected gold-bearing quartz veins, including one very high
grade section which assayed 81 grammes of gold per tonne over 9 metres.

MDN's programme of reverse circulation drilling will follow up these promising
indications, to determine the extent of the gold mineralisation and to test
further geochemical and geophysical targets.

African Eagle's Managing Director Mark Parker comments 'Our own drilling,
geophysics and geochemistry has revealed that Msasa could be a significant
high-grade deposit. At this location, which is within easy trucking distance of
the Tulawaka plant, even a small high-grade deposit would be significant. MDN is
showing a strong commitment to this project and we are looking forward keenly to
the results of the drilling programme'.


John Park
Chairman
African Eagle Resources plc
20 July 2006



About African Eagle

African Eagle is a mineral resources company with its focus on eastern and
central Africa. The Company operates in Zambia, Tanzania and Mozambique, three
countries with highly prospective geology and low above-ground risks, which have
all been recent destinations for successful major investments in the metals and
minerals industries.

The Company has a highly motivated team, proven management and an experienced
board. Its principal operations are the Miyabi gold project in Tanzania and the
Mkushi and Ndola copper projects in Zambia. It has discovered a large iron oxide
copper gold (IOCG) system at Eagle Eye in Zambia and holds a well-balanced
portfolio of promising early stage projects.
Qualified Person
Information in this report relating to the exploration results is based on data
reviewed by Mr Christopher Davies B.Sc, M.Sc, DIC, Operations Director for
African Eagle Resources, who is a Fellow of the Australasian Institute of Mining
and Metallurgy, has in excess of 25 years experience in mineral exploration and
is a Qualified Person under AIM Rules. Mr Davies consents to the inclusion of
the information in the form and context in which it appears.

For further information, see the Company's web site
www.africaneagle.co.uk
or
contact one of the following:

Mark Parker
Managing Director
+44 20 7248 6059
+44 77 5640 6899

Chris Davies
Operations Director
+44 20 7248 6059
+44 78 6672 9959

Leesa Peters or Ed Portman
Conduit PR
+44 20 7429 6666




This information is provided by RNS
The company news service from the London Stock Exchange

African Eagle Resources PLC
28 July 2006



African Eagle Resources plc

STRATEGIC DEVELOPMENT PARTNER FOR MKUSHI COPPER MINES


AIM quoted African Eagle Resources plc ('African Eagle' or 'the Company', ticker
AIM: AFE) today announces that it has signed a Heads of Agreement ('Heads') with
Central Asia Gold Limited (CAGL) for the joint venture development of its Mkushi
Copper Mines project in Zambia. Under the Heads, CAGL will conduct and finance a
bankable feasibility study ('BFS') at Mkushi, leading to a decision on mine
development. The deal is a major landmark in AFE's strategy of realising the
value in its asset holdings.


Under the Heads, AFE and CAGL will set up a joint venture vehicle to explore the
licences and develop the Mkushi project, holding 49% and 51% interests
respectively. CAGL will direct and fully fund the completion of the BFS within a
defined part of the licence area. CAGL must spend at least US$1M on the BFS,
which will include a scope of work set out in the Heads. If CAGL withdraws
before the completion of the BFS, or does not meet its obligation to complete a
BFS before 30 June 2008, its 51% interest will revert to AFE. On a decision to
develop a mine, CAGL will use its best endeavours to arrange the project finance
for development of a mine on behalf of the joint venture. AFE will continue to
explore the rest of the licence area outside the defined zone, funded pro rata
by the two parties.

Managing Director Mark Parker comments 'This agreement is a milestone in our
strategy of bringing in partners with the skills and cash to fast track our many
highly prospective projects. It will accelerate our resource drilling,
engineering studies and economic modelling, and should take us to a development
decision significantly faster. It will also free up some of our resources to
make progress on other key projects.

'The managers at CAGL have sound track records of bringing significant mines
into production quickly and cost-effectively not only in Africa but also
worldwide, including Golden Pride in Tanzania, Obotan in Ghana, Boroo in
Mongolia and Bullabulling, Chalice and Marymia in Western Australia. Members of
AFE's Board have worked successfully with the key CAGL people before, on the
joint development by SAMAX and Resolute of Tanzania's first modern gold mine at
Golden Pride.'

The Heads are in line with the Company's objectives of bringing its nearest to
market projects into production as quickly as possible, through development
partnerships where appropriate, while retaining significant future upside by
leveraging its exploration skills.

African Eagle has already drilled almost 10,000m of diamond and percussion drill
holes and has recently engaged Snowden Mining Services to conduct a resource
estimate. The Company is currently completing its final planned holes in the
resource drilling programme at H-Zone and will then switch to exploration
drilling, starting at the promising Munda target, while CAGL takes over the
resource drilling programme.

The Heads of Agreement are conditional on satisfactory completion of due
diligence by both companies before 31 August 2006 and on approval of the joint
venture by the Zambian Ministry of Mines.

The Company also signed a Heads on similar terms over the Mokambo project in the
Zambian Copperbelt, subject to resolution of issues of title.

John Park
Chairman
African Eagle Resources plc

28 July 2006

About African Eagle

African Eagle is a mineral resources company with a focus on eastern and central
Africa. The Company operates in Zambia, Tanzania and Mozambique, all countries
with highly prospective geology and low above-ground risks, which have all been
recent destinations for major successful investments in the metals and minerals
industries.

The Company has a highly motivated team, proven management and an experienced
board. Its principal operations are the Miyabi gold project in Tanzania and the
Mkushi and Ndola copper projects in Zambia. It has discovered a large iron oxide
copper gold (IOCG) system at Eagle Eye in Zambia and holds a well-balanced
portfolio of promising early stage projects.

About Central Asia Gold

The management at CAGL, which is listed on the Australian ASX and Toronto TSE
exchanges, have a track record of successfully acquiring, financing,
constructing and operating world class gold projects in emerging markets. CAGL
is cash-rich from the sale of its interest in the 250,000 ounce per year Boroo
gold mine in Mongolia and other assets. At the end of March 2006, CAGL reported
cash assets of A$61M, and also has access to significant pools of capital for
equity and debt financing of mining projects. The CAGL team has long-standing
relationships with a number of contractors and consultants experienced in
geology, mining and engineering,

About Mkushi Copper Mines
Discovered in 1922, the Mkushi deposits were first mined by underground
workings, then developed as an open pit operation in the late 1960s. The mine
closed around the time of Zambia's nationalisation of the copper industry in the
1970s, but archive reports indicate that there is still abundant ore left in the
ground. African Eagle Resources acquired the Mkushi Copper Mines in 2002 through
a share-based acquisition of an Australian exploration company and is now
drilling to confirm and expand the known copper resource.

The local infrastructure around Mkushi is excellent and the brownfield site
should make it straightforward to obtain permits for renewed operations. The
deposits have simple chalcopyrite mineralogy which should allow a concentrate to
be produced efficiently at relatively modest capital cost. Mkushi is the only
Zambian copper mine in rocks older than the Katangan sequence which hosts the
well known Copperbelt deposits.

African Eagle is also exploring a wide area surrounding the old mines.
Geophysical induced polarisation surveys, which to date cover almost 30 square
kilometres, have already revealed additional mineralised zones in the area.


For further information, see the Company's web site
www.africaneagle.co.uk
or
contact one of the following:


Mark Parker
Managing Director
+44 20 7248 6059
+44 77 5640 6899

Chris Davies
Operations Director
+44 20 7248 6059
+44 78 6672 9959

Leesa Peters or Ed Portman
Conduit PR
+44 20 7429 6666



This information is provided by RNS
The company news service from the London Stock Exchange

African Eagle Resources PLC
08 August 2006



African Eagle Resources plc

PHELPS DODGE MINING (ZAMBIA) LIMITED TO PARTNER AFRICAN EAGLE
AND FUND THE NDOLA COPPERBELT PROJECT

AIM quoted African Eagle Resources plc ('African Eagle' or 'the Company', ticker
AIM: AFE) today announces that it has signed an Earn-in Agreement with Phelps
Dodge Mining (Zambia) Limited (PDMZ), a wholly owned subsidiary of the Phelps
Dodge Exploration Corporation, for the exploration and joint venture development
of its Ndola Copperbelt project in Zambia.

Under the Agreement, PDMZ will subscribe for AFE shares to the value of US$2.73
million in two tranches, at a 10% premium to the market price of AFE's shares.
AFE will use 75% of the funds on an agreed exploration programme at Ndola and
the balance on other AFE projects and general working capital. PDMZ will gain an
exclusive right to earn an ownership interest of up to 70% in the Ndola project
by making agreed expenditures on further exploration up to and including
completion of a bankable feasibility study.

This Agreement is in line with AFE's strategy of working with other companies
inthe joint development of its projects and complements the recent announcement
that the Company's Mkushi Copper Mines project, also in Zambia, will be
developed in partnership with Central Asia Gold Limited.

The principal terms of the Agreement are:

PDMZ will subscribe for an initial tranche of AFE shares to a value of
US$1,273,333 (approximately 680,000) and within 12 months will subscribe to
a second tranche of AFE shares to a value of US$1 million (approximately
530,000), both at a 10% premium to the average closing mid-market price of
AFE's shares for the 10 consecutive dealing days immediately preceding the
relevant subscription date. At AFE's current share price of 11.75p, PDMZ
would hold approximately 3.4% of the Company's share capital after the first
subscription and almost 6% after the second tranche.

AFE will undertake an agreed 15-month exploration programme on the Ndola
licence, spending at least 75% of the amount subscribed on that programme.

AFE will grant PDMZ the exclusive right to enter into a joint venture
with AFE on the Ndola project at the end of the 15 month period. Under the
joint venture, PD can earn a 51% interest in the Ndola project by spending a
further US$3m on exploration and then an additional 19% by completing a
bankable feasibility study on the property.

The share subscription will be subject to approval of the contemplated joint
venture by the Zambian Ministry of Mines and to satisfactory completion of due
diligence by PDMZ.

The Ndola licence area is considered highly prospective, being underlain by the
Mine Series and Lower Kundelungu geological sequences which host most of the
world-class copper deposits of Zambia and the DRC. The licence occupies a
little-explored gap between First Quantum Minerals' Frontier and Lonshi mines in
the DRC. Drilling of the Mine Series northeast of Ndola town during the 1950s
and 60s revealed extensive copper mineralisation, with a historical estimate
(not JORC-compliant) of 40 million tonnes at 0.75% copper. African Eagle's top
priority will be to re-evaluate the resource and test for extensions to.

At the same time, the Company will conduct surface surveys over the whole
licence, including soil geochemistry, geological mapping, gravity and airborne
geophysics, which are likely to reveal new drilling targets.

African Eagle's Managing Director Mark Parker comments 'I am delighted that
Phelps Dodge, the world's third largest copper miner, will be exploring this
highly prospective area with us.'

John Park
Chairman
African Eagle Resources plc

08 August 2006

About African Eagle

African Eagle is a mineral resources company with a focus on eastern and central
Africa. The Company operates in Zambia, Tanzania and Mozambique, all countries
with highly prospective geology and low above-ground risks, which have all been
recent destinations for major successful investments in the metals and minerals
industries.

The Company has a highly motivated team, proven management and an experienced
board. Its principal operations are the Miyabi gold project in Tanzania and the
Mkushi and Ndola copper projects in Zambia. It has discovered a large iron oxide
copper gold (IOCG) system at Eagle Eye in Zambia and holds a well-balanced
portfolio of promising early stage projects.

About Phelps Dodge Corporation

Phelps Dodge Mining (Zambia) Limited is a wholly owned subsidiary of Phelps
Dodge Exploration Corporation. The parent, Phelps Dodge Corporation (Ticker
NYSE: PD) is one of the world's leading producers of copper and molybdenum and
is the largest producer of molybdenum-based chemicals and continuous-cast copper
rod. The company employs 14,500 people worldwide.

About Ndola

African Eagle's Ndola licence lies in the southern part of the hugely prolific
Central African Copperbelt, one of the great mining districts of the world. The
Copperbelt hosts two of the world's ten biggest copper deposits and contains a
global resource of almost 200 million tonnes of copper metal, mostly in very
high grade ores.

The Ndola licence surrounds the historic Bwana Mkubwa copper mine and occupies a
little-explored gap between the Frontier and Lonshi Mines operated by First
Quantum Minerals. The Group believes that modern exploration techniques coupled
with current geological thinking on Copperbelt mineralisation could yield
significant discoveries at Ndola.

In late 2005, the Company conducted a thorough review of archive information on
the mineral resources and potential of the Ndola area. The review concluded that
the area is highly prospective for copper deposits, of the Frontier and Lonshi
type as well as the classic Zambian Copperbelt Mine Series hosted type.
Widely spaced drilling in the Mine Series during the 1950s and 60s revealed a
resource of some 40 million tonnes of 0.75% copper northeast of Ndola town, and
a deposit containing 3 million tonnes of 3.5% combined lead and zinc near the
centre of the licence. These deposits were only sketchily explored and have
potential for further development.


For further information, see the Company's web site
www.africaneagle.co.uk
or
contact one of the following:

Mark Parker
Managing Director
+44 20 7248 6059
+44 77 5640 6899

Chris Davies
Operations Director
+44 20 7248 6059
+44 78 6672 9959

Leesa Peters or Ed Portman
Conduit PR
+44 20 7429 6666





This information is provided by RNS
The company news service from the London Stock Exchange

rumours of better than expected mkushi results expected next week. in daily express

What do you think to todays RNS?

Up 1.25 today but still no sign of why?

Roly .mon ami -Amities / Yet another tick up today Roly from annual nadir ... Also do yourself a favour will you my good friend ! ? Buy level 2..lf but for no other reason than to secure correct calls on certain trades ,,,,.For example --The last nine trades in AFE are marked as "sells" under "freebie" Money am streaming trades ..YET they are buys below the mid!!......l cant believe how many people trade when they havent got this tool ,,,Nice to see a few traders entering the fray though.....3 times mms have taken it down to 9.25; but each time it finds a barrage of support at this level ........This stock is the most attractive underpriced, OVERSOLD mining stock i have come across in a long time; and unlike so many other miners has over 50% I/S , Directors and senior management all have have a massive shedfull ..,.They have j/vs with Phelps Dodge { now the third biggest miner in the world farming into AFE s eagle eye concession, and financially carrying the project from from airbourne magnetics imaging and seismic 3D right up to a bankable feasibility programme. Central Asia gold another successful miner is another "farming in partner " and what with the Eagle eye programme they have a 520,000 oz resource of JORC compliance which can be extracted by the crude but simle leaching process. Prior to this past year l have avoided AFE due to one bear point ->.The the only bear point was getting the finest copper in Africa physically out of the continest; and now even this problem has dissipated.. or certainly seems to have been addressed ,as you interestingly pointed out, by the Chinese whose investment in Tanzania / Zambia has made possibble a massive road and bridge buiding programme. it would seem AFE eagles last big tangible problem reg transportation and SAFETY of movement of assets { gold, diamonds ect ect has been solved for them by of all people-- the Chinese ...,,,,,,,,,,,,,,,,,,,,,,,,,,,,,A fantastic oppertunity at this s/p ....But as always DYOR ....bien bien aficalment...@+ J.

Also that corridor of land in the N>W of Zambia newly acquired acreage by AFE borders with DRC which due to civil war has been VIRTUALLY UNTOUCHED for years ; AND ESPECIALLY by modern mining technique ......ln 1926 a French geologist using very basic apperatus was reguarly finding in relatively small sample grades of up to 60/70 g/t which is truly staggering......@+ ....{ for the record l have a smallish position of 500.000 bought in a few tranches at a median of 9.9 ..... .

Hi FrenchConnection it is good to have someone else on the site. I just bought some more yesterday at 9.95 so was one of the below the radar. Not quite the 1/2 million mark though.